Senate Bill 501 establishes a veterinary loan repayment grant program administered by the Higher Educational Aids Board (HEAB) to assist veterinarians working in rural counties with repaying their educational loans. Eligible applicants include individuals in their final year of an accredited veterinary medicine program or those who have graduated within the last seven years. To qualify for a grant, applicants must have at least $25,000 in educational debt and must secure full-time employment as a Wisconsin-licensed veterinarian in a rural county for at least one year. The grants can only be used for repaying educational debt and are capped at $25,000 per year, with a maximum total of $100,000.

Additionally, the bill includes a provision that exempts grant amounts received from taxation, ensuring that veterinarians do not incur tax liabilities on the financial assistance they receive through this program. The program is designed to encourage veterinary professionals to work in rural areas, where there may be a shortage of veterinary services, particularly for farm animals. The bill is set to apply to individuals graduating from veterinary schools in 2025 and beyond.